U.K. inflation fell below the Bank of England’s (BoE) target in January to its lowest annual level since November 2009.
Consumer prices rose 1.9 percent year-on-year last month, below the 2 percent target set by the central bank. Month-on-month prices declined 0.6 percent.
Bank of England Governor Mark Carney last week unveiled the “next phase” of forward guidance – which initially tied the bank rate to the country’s unemployment rate after a sharp fall in jobless numbers took the central bank by surprise. Since its independence in 1997 the BoE’s main task has been to manage inflation, but since the financial crisis, it has been taking a broader role in bolstering the country’s economy.
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